General Announcement::Sale of Vessel

Issuer & Securities

Issuer/ Manager
MERCATOR LIMITED
Securities
MERCATOR US$16M4.75%CB190527 - XS1072432161 - 3R0B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
17-Jan-2020 19:46:58
Status
New
Announcement Sub Title
Sale of Vessel
Announcement Reference
SG200117OTHRR26E
Submitted By (Co./ Ind. Name)
Mercator Limited
Designation
CFO and Compliance Officer
Effective Date and Time of the event
17/01/2020 17:00:00
Description (Please provide a detailed description of the event in the box below)
Pursuant to the approval of Shareholders vide Postal Ballot dated November 11, 2019 and as a part of the strategic plan, the Company has sold its Floating Storage and Offloading Unit FSO Ship Prem Pride, built 1999, for a total consideration of Rs. 49.54 Crore and the proceeds of which is used to reduce the debt of the company. The deal was concluded on January 16, 2019.

The buyer does not belong to Promoter/ Promoter Group Companies.

The aforesaid transaction does not fall within the definition of related party transactions.

Attachments

Sale of Prem Pride_SGX.pdf
Total size =143K